Tata Steel Arm Cancels Definitive Agreements With HBIS Group To Divest Majority Stake In South-East Asia Business
Tata Steel will immediately begin engagement with other investors in continuation of its strategy to find a partner for the South-East Asian business.
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T S Global Holdings (TSGH) had executed definitive agreements with HBIS Group (HBIS), to divest its equity stake in Tata Steel, Thailand (TSTH) and NatSteel Holdings (NSH) to a company in which 70 per cent equity shares were to be held by HBIS and the balance 30 per cent by TSGH. The completion of the transaction was subject to regulatory approvals.
We have been informed by HBIS that they have not been able to procure the requisite approvals from the Hebei Government, one of the key conditions precedent for the proposed transaction. Both parties have, therefore, decided not to extend the definitive agreements.
Following the above, Tata Steel will immediately begin engagement with other investors in continuation of its strategy to find a partner for the South-East Asian business.